Moody's snips Spectrum

Moody's Investors Service said it downgraded Spectrum Group Buyer, Inc.'s corporate family rating to B2 from B1 and changed the outlook to negative from stable. The agency also lowered the company's probability of default rating to B2-PD from B1-PD and the senior secured credit facility ratings to B2 from B1.

The senior secured credit facility consists of a revolving credit facility that expires in May 2027 and a senior secured term loan that matures in May 2028.

"The downgrade reflects our expectation that Spectrum's liquidity and credit metrics will remain weak over the next four quarters, driven by soft demand and higher operating costs," said Aziz Al Sammarai, a Moody's assistant vice president, in a press release.

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